In spite of legal woes over its refund anticipation loan program, tax preparation services giant H&R Block recently announced that it had passed the 1 million mark with its tax refund card - a figure that it said could reach 3 million by the close of tax season.Block's Emerald MasterCard, a prepaid debit card issued through the company's H&R Block Bank, is issued to customers who are expecting a tax refund. Rather than waiting for refund checks or arranging for direct deposits of a refund to a bank account, taxpayers can acquire the card when the tax return is prepared.
The debit card's popularity comes in the aftermath of lawsuits filed last year by the attorneys general of both California and New York, who charged that the company's RALs mislead low-income clients with regard to exorbitant hidden fees.
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